Gold Rush: UAE’s Self-Conceit Falls Prey to Maduro’s Precious Metal

Gold Rush: UAE’s Self-Conceit Falls Prey to Maduro’s Precious Metal

This post was last updated on May 21st, 2019 at 07:08 am

There is Venezuelan gold, the US sanctions, and a number of players who do not want to let go off the golden opportunity. By now, it has become really evident that Venezuelan President, Nicolas Maduro, is willing to empty his reserves at any cost.

While the last chapter brought out how Turkey is involved in the mix, what is UAE’s motive behind supporting Maduro’s gold rush still can’t be immediately drawn.

The Venezuelan Central Bank (BCV) sold 73.2 tons’ gold in 2018 to two companies in the UAE – Noor Capital and Goetz Gold – and to another firm in Turkey (as discussed in Chapter 2). The sales took place without the National Assembly’s approval, as mandated by Article 187 of the National Constitution, deputy Carlos Paparoni, President of the National Assembly Finance Commission affirmed.

The confirmation implied that there could be no contracts of national public interest with foreign states or companies without the approval of the parliament.

So, how did the Venezuelan gold reach the UAE?

With US sanctions in the cards, the gold reaching the Gulf nation is not following its regular path, as perceivable by analyzing the given situation. This translates to the fact that UAE, in its transactions, is maintaining plausible deniability so that the US cannot directly accuse them of breaching the conduct. To clarify, we even know that Noor capital and Goetz Gold are based in Abu Dhabi and Dubai respectively, and that the latter is a Belgian firm operating in the Arab Emirates.

So, what’s the covert path used by Gulf Monarchy’s firms? As per the records obtained by Spanish news site, Runrun, who had access to leaked documents of the gold that made way out Venezuela in 2018, post tallying with, a public website with real-time information about global air traffic, revealed that each of the flight’s route clearly showed how planes carrying yellow metal landed successfully in UAE. As per their data, Noor capital obtained 27.396 tons, while Goetz Gold got hold of 21.886 tons of the lucrative metal.

However, it is still not known how the firms in UAE have access to the Venezuelan gold, and how is it actually getting disposed of, despite US sanctions.

Noor Capital – Exposing Covert Links

According to Infodio, an investigative journalism website exposing Venezuela’s corruption, Aliou Boubacar Diallo, CEO of Wassoul’or SA and President of Petroma Inc, controls a gold mine in Mali called Wassoul’or.

Diallo, who is a CEO of the mining firm is also a silent partner with Noor Capital’s Olivier Couriol, and Rashed Al Suwaidi, and Abdul Jabbar Al-Sayegh, as per the Malian sources. As reported first by BCV in December 2017, and then by Tareck el Aissami, the Venezuelan gold is flown in cargo planes to the UAE.

It is here that Diallo intervenes under his firm’s banner, billing the exported gold as his and lending it the legitimacy to directly enter the Emirates. Besides, the gold is sometimes even indirectly flown to UAE via Mali, where Couriol and co. at Noor Capital claim it as Malian Gold. Again, covertly making its way into the nation. Thus, UAE shrewdly sidelines the US, while enjoying significant hold of the shimmery metal.

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